What's Affecting Markets Today
Asia weaker, following US
Asia-Pacific markets mostly declined on Friday as investors evaluated key economic data from China. April retail sales in China rose 2.3% year-on-year, below the 3.8% forecast and slower than March’s 3.1%. Mainland China’s CSI 300 index fell 0.20%.
In Singapore, non-oil domestic exports dropped 9.3% in April, a slower decline than the previous month. Japan’s Nikkei 225 slid 0.36%, while the Topix gained 0.26%. South Korea’s Kospi decreased by 0.93% with unemployment holding steady at 2.8% in April, and the Kosdaq fell 1.58%. Hong Kong’s Hang Seng index rose 0.29%.
In the U.S., the Dow Jones Industrial Average briefly surpassed 40,000 for the first time before closing 0.1% lower at 39,869.38. The S&P 500 set a new record after surpassing 5,300 on Wednesday, but ended down 0.21%. The Nasdaq Composite also reached an all-time high before closing 0.26% lower.
ASX Stocks
ASX 200 - 7,814.4 (-0.80%)
Key Highlights:
Australian shares fell 0.7% to 7,824 points on Friday afternoon, with declines in healthcare, technology, and utilities sectors overshadowing gains in lithium and iron ore miners. On Thursday, the S&P/ASX 200 closed just 0.2% below a record high, buoyed by jobs data fueling speculation of a potential Reserve Bank interest rate cut. The market remains poised to end the week approximately 1% higher, after closing at 7,749 points last week.
ANZ Bank maintained its forecast for the first RBA rate cut in November. The mining sector rose 0.4%, with iron ore prices rallying in Singapore amid reports of Chinese officials addressing the property market. BHP and Rio Tinto both gained around 1%, while Pilbara Minerals and Mineral Resources added 1.6% and 1.5%, respectively. Copper prices climbed 2% overnight.
In focus, Bendigo Bank reported a 2.3% decline in cash profit to $464 million for the ten months to April 30, yet shares rose 4.2% to $10.34. Star Entertainment’s Queensland casino licences remain suspended until December 2024, with shares trading flat at 46¢.
Leaders
VUL Vulcan Energy Resources Ltd 12.61%
BEN Bendigo and Adelaide Bank Ltd 8.27%
MSB Mesoblast Ltd 6.10%
HGH Heartland Group Holdings Ltd 5.59%
LTR Liontown Resources Ltd 4.91%
Laggards
DDR Dicker Data Ltd -12.21%
CTT Cettire Ltd -6.72%
NAN Nanosonics Ltd -6.15%
FPR Fleetpartners Group Ltd -5.54%
XRO Xero Ltd -5.03%